Assessment Of The Output Of A Stochastic Decision Model
The concept of stochastic dominance is described and its use is illustrated in relation to the evaluation of the output of a systems simulation model of lucerne haymaking in south-west Spain. Two alternative machinery systems are ranked for various lucerne areas using the criteria of stochastic dominance, and These results are compared with those obtained using mean-variance analysis.
Volume (Year): 17 (1973)
Issue (Month): 03 (December)
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- Dillon, John L., 1971. "An Expository Review of Bernoullian Decision Theory in Agriculture: Is Utility Futility?," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 39(01), March.
- Anderson, Jock R, 1973. "Risk Aversion and Polynomial Preference," Australian Economic Papers, Wiley Blackwell, vol. 12(21), pages 261-62, December.
- Hadar, Josef & Russell, William R, 1969. "Rules for Ordering Uncertain Prospects," American Economic Review, American Economic Association, vol. 59(1), pages 25-34, March.
- Porter, R Burr & Gaumnitz, Jabk E, 1972. "Stochastic Dominance vs. Mean-Variance Portfolio Analysis: An Empirical Evaluation," American Economic Review, American Economic Association, vol. 62(3), pages 438-46, June.
- Hanoch, Giora & Levy, Haim, 1970. "Efficient Portfolio Selection with Quadratic and Cubic Utility," The Journal of Business, University of Chicago Press, vol. 43(2), pages 181-89, April.
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